Economics · Income Tax and Corporate Tax Planning
Given below are two statements regarding Indian Income Tax rules: Statement I: Long-term capital loss can only be set off against long-term capital gains. Statement II: Following current provisions, long-term capital gains on listed equity shares exceeding Rs 1.25 lakh (revised from Rs 1 lakh) are subject to tax at a flat rate without benefit of indexation. In light of the above statements, choose the most appropriate answer from the options given below:
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Statement I is incorrect but Statement II is correct
- 2Statement I is correct but Statement II is incorrect✓
- 3Both Statement I and Statement II are incorrect
- 4Both Statement I and Statement II are correct
Correct answer
Statement I is correct but Statement II is incorrect
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